News Release - July 24, 2002
CIC SELLS ITS INTEREST IN GREAT WESTERN BREWERY
Crown Investments Corporation (CIC) is selling its 80 per cent interest in
Great Western Brewing Company of Saskatoon to a group of private investors
which includes local business people, brewery management, and former board
members. Premier Lorne Calvert and members of the purchasing group made
the announcement today at the brewery in Saskatoon.
"We are very pleased to sell CIC's interest in the company to buyers who
are committed to the continued growth and success of Great Western,"
Premier Calvert said. "This is good news for the company and its
employees, as well as the people of Saskatoon and the local and provincial
The purchasing group is led by Great Western's CEO and president, Ron
Waldman, and former board members and business people Vaughn Wyant and
Maurice Duval. The group is buying CIC's interest for $4 million. A CIC
loan of $1.3 million will also be repaid.
The 16 founding employee shareholders, who own the remaining 20 per cent of
the company, will be offered options to maintain, increase or sell their
shares to the purchasing group. Shares will also be offered to employees
who are not currently shareholders.
"It is CIC's policy to sell its interest in a company when a good
opportunity arises, and that is exactly what we are doing here," Calvert
said. "CIC will recover its investment and realize a respectable return.
We are proud to have provided the support Great Western needed to get to
this stage in its development, and we anticipate a bright future for the
Great Western Brewing Company is the only brewery in Saskatchewan. It has
won numerous awards for its beers, including recent bronze and silver
medals in the World Beer Cup for two of its light beers, Western Premium
Light and Brewhouse Light.
Great Western has approximately 85 employees. Carling O'Keefe started the
brewery in 1928. It was renamed Great Western in 1990 when it was
purchased by 16 employee shareholders using their severance packages and
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For more information, contact:
Karen Schmidt Ron Waldman, President and CEO
Crown Investments Corporation Great Western Brewing Company
Phone: (306) 787-5889 Phone: (306) 653-4653
Cell: (306) 221-2131